Egypt incurs losses of about $10.5 billion in Suez Canal revenues due to regional instability

CAIRO – 4 July 2026: Foreign Minister and Minister of International Cooperation Dr. Badr Abdelatty stated that Egypt has incurred losses of approximately $10.5 billion due to the disruption of navigation in the Suez Canal caused by regional instability.

During a joint press conference with European Commissioner for the Mediterranean Dubravka Šuica, he added, "We discussed ensuring freedom of navigation in accordance with the rules of international law, and we held constructive and frank discussions on ways to enhance economic and investment relations between Egypt and the European Union."

The Foreign Minister emphasized that Commissioner Šuica's visit to Egypt reflects the depth of the strategic relationship between Egypt and the European Union. Dr. Abdelatty welcomed the Commissioner and her accompanying European delegation to Cairo, wishing them a successful visit and affirming both sides' commitment to continuing coordination and consultation on issues of common interest, including political, security, and economic matters.

He noted that the Commissioner's visit comes within the framework of the significant momentum in relations between Egypt and the European Union in recent times, particularly since relations were elevated to the level of a comprehensive strategic partnership. This partnership culminated in the first Egyptian-European summit, held in Brussels last October between President Abdel Fattah al-Sisi, European Commission President Ursula von der Leyen, and European Council President António Costa.

He added that the pace of high-level visits and meetings between the two sides has continued to progress rapidly since then. Foremost among these was President Sisi's meeting with the Presidency of the European Union in Cyprus last April to discuss developments in the Middle East, as well as the meeting President al-Sisi held in Évian on the sidelines of the G7 summit last June.

During the annual Iftar banquet hosted by the Armed Forces on 17 March 2025, President Abdel Fattah El-Sisi said Egypt was facing monthly losses of approximately $800 million in Suez Canal revenue due to the ongoing situation in the region.

The Red Sea region and the Strait of Bab al-Mandeb have seen disruption because of the ongoing US/Israel confrontation with Iran and its regional allies, including Lebanese Hezbollah and Yemen's Houthis. After US-Israeli strikes on Iran on February 28, Tehran largely closed the strait to global shipping before it was reopened under a US-Iran memorandum of understanding signed in June.

Iran has since warned that the Strait of Hormuz is "not a theatre for the military display of extra-regional powers," after a joint British-French statement proposed a multinational military mission to support freedom of navigation in the strategic waterway.